- LTC/USD lost its weekly gains, more downside in store.
- Th upside is capped by Wednesday’s high at $89.23.
Litecoin is changing hands at $81.25. The coin has lost 2.4% since the beginning of the day, and it is down 4% on daily basis. Litecoin’s is the sixth largest coin with the market capitalization of $4.6B and with average trading volume at $289M.
Overall bearish market sentiments and speculative positioning increase the downside pressure on the coin, despite wider adoption, touted by #PayWithLitecoin movement. Obviously, the price poll conducted by Litecoin’s founder Charlie Lee was correct as the majority of traders said that worst was not over.
Litecoin technical picture
Litecoin moved below 200-SMA (1-hour chat), which darkens the technical picture. Once $81.00 handle is cleared, the sell-off may be extended towards $80.00 and to $73.30 (the lowest level since June 29. On the upside, the recovery may be stopped by $84.70 (that’s where 100-SMA meets 50-SMA). If the coin manages to break it, $90.00 will come into focus.
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